Toronto-Dominion Bank CEO says not 'trolling' for U.S. deals

Reuters

TORONTO, Oct 21 (Reuters) - Toronto-Dominion Bank Chief Executive Ed Clark is not ruling out the possibility thatTD could make a large U.S. acquisition, but he said the bankdoes not need to make a deal and isn't seeking one.

"We're not spending our time trolling the M&A market in theUnited States," he said in the transcript of an Oct. 17 investorpresentation posted on the bank's website on Monday, adding: "wedon't need a deal."

Speculation that TD could make an acquisition was stokedlast week when the Sunday Times reported that TD is consideringa bid for Royal Bank of Scotland's U.S. arm Citizens.

Similar speculation earlier this year prompted Clark to sayin February that a purchase of Citizens would not meet TD'scriteria for acquisitions.

"What I said (in February) is still where we would betoday," he said in the Oct. 17 comments.

However, he also noted that he can't rule out thepossibility that an acquisition of a lender in TD's U.S.footprint could materialize.

"It'd be irresponsible if someone called and said, 'I got adeal you can't turn down', then we would say, 'well, we can andwe're not even going to look at it'. That would beirresponsible," he said.

TD is Canada's second-largest lender, and operates a 1,300-branch U.S. network on the Eastern Seaboard.

"Despite all the stories, I don't know whether that's goingto happen in the future. It has not happened at this point, but whether it will happen, who knows," he said.

Rates

View Comments (0)